City Council Agenda Packet November 17, 2025

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229446v1 time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer shall be retained as security until all Improvements have been completed, all financial obligations to the City satisfied, the required "as constructed" plans have been received by the City, and the public improvements are accepted by the City Council. The City’s standard specifications for utility and street construction outline procedures for security reductions. 25. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Contract which must be furnished to the City prior to the City Council signing the final plat: A. Park Dedication $89,000.00 B. Water Availability Charge (cost when plat is recorded) $34,710.00 TOTAL CASH REQUIREMENTS $ 123,710.00 26. WARRANTY. The Developer warrants all Improvements required to be constructed by it pursuant to this Contract against poor material and faulty workmanship. The warranty period for streets is one year. The warranty period for underground utilities is two years and shall commence following completion of Sanitary Sewer, Watermain, Storm Sewer/Draintile and acceptance by City Council. The one-year warranty period on streets shall commence after the final wear course has been installed and accepted by the City Council. The City shall retain $256,421.37 of the security posted by the Developer until the warranty period expires, or until Developer elects to post maintenance bonds in an amount equal to 10% of the final certified construction costs, whichever first occurs. The retainage may be used to pay for warranty work. The City’s procedures for final acceptance of streets and utilities requires completion of all items identified in the inspection “punchlist” to the satisfaction of the Public Works Director. Page 83 of 379